SUSI Partners, through SETF, acquired a majority stake in Encore, a U.S. clean energy company focused on the development, construction and operation of large-scale distributed solar photovoltaic power plants and energy storage systems. This transaction comes at a time when the U.S. clean energy environment is favorable and sees SUSI inject additional capital into Encore to complete its transition from project developer to independent power producer by growing the business and further strengthening its asset base.
Based in Vermont and active throughout the northeastern United States, Encore has been developing and building high-quality clean energy projects for more than a decade. As a certified B Corporation, Encore places a high value on sustainable growth, environmental compatibility and community involvement, which is consistent with SUSI’s sustainability requirements. In particular, the company has proven expertise in the rehabilitation of abandoned industrial land, which often benefits from simplified permitting and zoning, reduces environmental impacts by preserving open space, and revitalizes communities in the process.
SUSI strengthens its position
Following previous investments in energy storage and electric vehicle charging infrastructure in the U.S., this transaction strengthens SUSI’s position in the burgeoning U.S. clean energy sector. For the company’s flagship strategy, SETF, this is the second investment in the U.S. following the acquisition of a 100 MW portfolio of energy storage projects announced last August, which is well on its way to being fully operational before the summer.
SETF’s investment strategy leverages SUSI’s extensive expertise in the energy transition sector to drive the growth of asset-based investment platforms and management-led businesses. The investment in Encore expands SETF’s diverse and growing portfolio, which covers investments from renewable energy generation to energy efficiency, energy storage and integrated energy solutions for customers in Europe, the United States, Chile and Australia. Given the continued deployment progress through existing platforms and attractive near-term investment opportunities ahead, SUSI plans to further expand SETF’s capital base in 2023.
